On Feb. 21, a Financial Industry Regulatory Authority panel will hear the matter between SECU Brokerage, LPL Financial Corp. an investment adviser and a trust that claims its deceased client suffered losses after an alleged failed real estate investment.
The number of registered investment advisers has increased so dramatically since 2004, the SEC said it is overwhelmed, understaffed and out of resources to keep up with exams to monitor their activities.
Third-party brokerage arrangements for the sale of nondeposit investment products outlined in a recent NCUA guidance letter contain duties some federal credit unions may not have the ability to perform.
The $21 billion State Employees' Credit Union is in the middle of a legal quandary involving a widow who opened up a failed brokerage account with a defunct, credit union-formed broker-dealer and investment firm.
The SEC is asking Congress to give it more power to strengthen its investment adviser examination program including through assessing fees to fund exams, according to a new study from the commission.
While it may be unclear if the two are connected, some financial advisers that use social media professionally are seeing higher revenue growth and larger client bases compared to advisers that do not use the network channels.
A case involving a widow who opened up a brokerage account with the defunct, CU-formed XCU Capital LLC, its shell later bought by State Employees' Credit Union, is in the middle of a regulator and legal quagmire.
NACUSO said an NCUA letter on the third party brokerage arrangements for the sale of nondeposit investment products contains duties that credit unions may not have the expertise to perform.
Of the litany of regulations coming around the bend within the retail investment space, financial advisers said they are most concerned about the fiduciary standard and additional disclosure rules.
Based on a preliminary review, the SEC and the Commodity Futures Trading Commission said they found no evidence of "fat finger" errors, computer hacking, or terrorist activity involved in the May 6 market drop.